Wolf Money(world market review 29 May-4 Jun 2023)
Market Summary 29 May-4 Jun 2023
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+ US congress approved debt-limit raise, 103 times since 1945; Biden singed debt-limit deal into law, averting default
+ Nonfarm payrolls in May up by 339,000, better than 190,000 DJ estimate, 29th straight mth of positive job growth
+ US unemployment rate at 3.7% against estimate 3.5%, highest since Oct 2022, labour force participation rate unchanged
+ US private payrolls rose by 278,000 in May ahead of DJ estimate for 180,000: ADP
+ US job openings hit 10.1m in Apr, up from 9.7m in Mar
- US banks report biggest capital outflow in 40 years, deposit losses topped US$470bn in Q1: FDIC
- Goldman Sachs considering another round of job cuts expected affect <250 ppl, 3rd round of jobs cuts in under a year
- Biden orders 20-year ban on oil, gas drilling in New Mexico to protect tribal sites
+ US chip makers must run very fast to stay ahead of Chinese competitors: Nvidia founder
- US telecom companies say not in talks with Amazon for wireless services
- US “commercial real estate is melting down fast, home value next”: Elon Musk
+ Tesla Model Y electric crossover became the world's best-selling car in Q1: JATO
+ Elon Musk of Tesla, Narasimhan of Starbucks, Jamie Dimon of JPMorgan visit China this week
+ US chipmaker Nvidia added >US$500bn in value since start of 2023, rise to the US$1 trillion market value club
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+ China private Caixin manufacturing PMI reached 50.9 in May, back to positive territory after 2 mths of decline
- China raised chip sector as key issue during talks with US trade officials
- China’s MOF will issue ¥30bn (US$4.2bn) of treasury bonds in HK this year, most since 2009
+ China trade agency plans to organise a delegation of Chinese entrepreneurs to visit US in July
+ China plans new property-market support package after existing policies failed to sustain rebound in the sector: Bloomberg
+ China approved new hydropower plant in Xizang, with capital backing of ¥58.38bn
+ China ready to deliver first domestically build large cruise on Jun 6
+ China will extend purchase tax exemption for NEVs, study policies to promote NEV development
+ Chinese ministers meet Elon musk in Beijing, with China-US cooperation NEVs in focus
+ BYD, Li Auto set new monthly sales records in May
+ BYD begun to penetrate Southeast Asian market to challenge stronghold held by Japanese automakers
+ China’s first offshore CO2 storage facility starts operation in South China Sea
- UnionPay overtakes Visa in global debit card market: Nilson report
- Wanda may offload malls and Hotels amid fading HK share sales prospects
- HK banks borrowed the largest amount of short-term cash in >2 years from HKMA, suggesting sudden demand for liquidity
- HK Benchmark Hang Seng Index fell to its lowest level since Dec
- HK’s exports and imports fell 13% YoY to HK$338.3bn for 12th consecutive mth in Apr
+ Macau casino revenue surged 366% YoY to total HK$15.14bn, highest since Jan 2020
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+ Japan pledges to pull the economy out of deflation through bold monetary policy, flexible fiscal policy and growth strategy
+ Japan’s Q1 GDP growth seen revised up to 1.9% from 1.6% on solid investments by manufacturers
- Japan’s birth rate dropped to fresh record low in 2022; fertility rate at 1.2565 per woman
+ Toyota to invest US$2.1bn more in North Carolina under construction battery plant
+ Russia could switch from Brent to Dubai oil pricing, head of Rosneft proposed using the benchmark for Urals crude trading
+ Russia becomes India’s top fertilizer supplier; past fiscal year have surpassed US$3bn
+ Russia predicts trade with China will exceed expectations in 2023
+ Argentina is one step away from joining BRICS bank
+ Argentina and China singed cooperation plan to jointly promote construction of Belt and Road
+ Argentina signed deal to renew currency swap line with China, double the amount can access to near US$10bn
- OPEC+ begins meetings that may agree further output cuts
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- Eurozone business climate index fell to its lowest level in 2 years: preliminary estimate
- Eurozone property prices may fall as rates rise: ECB
- EU countries to ban entry of Russian trucks
- Germany has labour shortages in 1/6 of professions and number is growing
- UK shops annual inflation surged to its highest level in at least 18 years in May: BRC
+ LVMH chief Bernard Arnault set to visit China in June
- Swiss watch exports to the US dipped for the first time in 2 years
+ Turkey’s President Erdogan won 3rd term election, extending his 20 years at top political landscape
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+ RCEP entered into force, marking the pact takes effective for all 15 members, largest economic and trade volume in the world
+ Asia Clearing Union reportedly launch SWIFT alternative in June
+ India reclaimed its spot as world’s 5th largest stock market: Bloomberg
+ India imports oil from Russian grew fourteenfold in 2022-2023 fiscal year YoY
+ Tata Gp signed US$1.6bn EV battery plant deal
+ South Korea consumer inflation eased for 4th consecutive mth in May to lowest level in 19 mths at 3.3%
- South Korea’s semiconductor inventory surged by most in 7 year
- Saudi Arabia’s foreign exchange reserves plunged 44% in Apr to lowest level in 13 years
- Saudi accused Russia of not entirely cut the 500,000 bpd that it promised: WSJ
+ Saudi total value of bilateral trade between BRICS member states topped US$160bn in 2022
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+ Indonesia has overtaken HK as world 4th largest IPO market, first time since 1995
+ Indonesia’s largest taxi operator Blue Bird will turn to BYD for 80% of its EVs fleet while reviewing its Tesla order
- Thailand central bank raised benchmark interest rate to highest level in 8 years to anchor inflation
- Thailand’s exports down by 7.6% in Apr for 7th consecutive mth
+ Malaysia’s semiconductor sector to reach RM212.5bn by 2028
+ Malaysia clinched RM23.07bn worth of potential Japanese investments during recent trade and investment mission
+ Malaysia urges to develop revenue strategy to boost low taxes: IMF
+ Johor records RM10.6bn approved investments in Q1: MB
+ Malaysia was announced “Best Muslim-Friendly Destination” by OIC and “Best Women-Friendly Destination” by Mastercard
- Sg manufacturing activity eased for 3rd straight mth in May due to protracted slowdown in demand for electronic goods
- Sg private residential property is now the most expensive in Asia-Pacific, overtaking HK in 2023: ULI
- Sg ppty resales volumes fell 17.9% in Apr, prices rise 1.2%: SRX
+ MAS granted license to Crypto.com to offer digital payment token services to Sg customers
Contribution by Derek@valueinvestments chat group. Thank you
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